• Safety performance remained strong in H1 2025, with a Group TRIFR[i] of 0.6
  • Adjusted EBITDA (excluding SLN)[ii] at €191m, down 45% vs. H1 2024, primarily from the reduced contribution of PT WBN (-€92m, representing nearly 2/3 of the decline) attributable to:
    • The planned start of new mining production sites at Weda Bay in Indonesia, compounded by constrained operating permit, which led to a significant decline in nickel grades (from 2.0% to 1.6% for saprolite), along with increased in operating costs
    • Unfavourable product mix impacting on volumes sold (-8%)
  • Positive trend for other mining activities during Q2:
  • During Q2, good progress has been achieved in addressing logistics challenges faced at the port in Gabon since end-2024, with a positive trend versus Q1, and providing us confidence in our ability to deliver during H2
  • Continued solid operating performance for mineral sands with growth in volumes sold (c.+20%)
  • Series of milestones achieved at our lithium operation in Argentina, increasing the robustness of the direct extraction process (“DLE”) developed by Eramet, proven to operate at industrial scale
  • In-depth operational review launched in June, with the objective of boosting performance safely and responsively
  • Net Income, Group share (excluding SLN)2 negative at -€101m
  • Adjusted Free Cash-Flow2 of -€266m, with close to completion of growth capex for the Centenario plant. Adjusted leverage2 of 2.7x, with liquidity remaining at a high level
  • Uncertain macroeconomic environment continues to exert pressure on the Group’s end markets, notably impacted by developments in China’s steel industry and fluctuations in exchange rates
  • Revision of 2025 volume targets:
  • Transported manganese ore: between 5 and 7.0 Mt; FOB cash cost[iii] between $2.1 and $2.3/dmtu[iv], reflecting unfavourable trends in the €/$ exchange rate (target unchanged at constant exchange rates)
  • Nickel ore sold externally: between 36 and 39 Mwmt, reflecting the recently revised licensing for 2025, including an additional 10 Mwmt of limonite
  • Lithium carbonate produced: between 4 and 7 kt-LCE, factoring in the delay to commission the Forced Evaporation unit in H1
  • Controlled capex plan in 2025 reiterated: between €400m and €450m[v]

[i] TRIFR (Total Recordable Injury Frequency Rate) = FR2: Frequency rate of accidents at work of Eramet employees, temporary staff and subcontractors (fatal + LTI + NLTI), expressed as the number of accidents per million hours worked

[ii] Definitions presented in the financial glossary in Appendix 9

[iii] See financial glossary in Appendix 9. Cash cost calculated excluding non-controllable costs: sea transport, marketing costs, mining taxes and royalties

[iv] Based on a consensus €/USD rate of 1.13 for 2025

[v] Excluding the capex of SLN, financed by the French State

Results for the first half are clearly not in line with our ambition. Now more than ever, our teams are fully mobilized to build on the positive momentum observed at the end of the second quarter.

I’ve been deeply impressed since joining Eramet by the strength of our people, the quality of our assets, as well as the energy and commitment behind our drive for operational improvement. These core strengths give me great confidence in our ability to redirect Eramet on a path toward sustainable and long-term value creation.

Paulo CASTELLARI
Group CEO